Marriage is never easy. And when breakup happens, many times debt is a cause.
A recent survey conducted by US News and World Report explored the impact of spousal debt on marriages, divorces, and subsequent relationships.
The survey revealed that nearly 1 in 5 divorced individuals cited spousal debt as one of the contributing causes to their divorce.
"A fifth of people who have been divorced say that was one of the causes at least," says Erika Giovanetti, a loans expert at US News. "Whether it's the number one cause or number two or three, we know that it's up there as one of the reasons."
Of course, the financial impacts of divorce don't conclude once the marriage is dissolved.
Giovanetti shared that after divorce, 55% of respondents had to find ways to increase their income, with 21% taking on a second job as a direct result of their divorce.
"It's quite a financial impact that these people who have been divorced go through due to this process," Giovanetti said.
One striking revelation from the survey was the approach adopted by divorced individuals who entered subsequent marriages.
"Among divorced people who remarried, 71% opted to keep their debts separate in their following marriage," she said.
In a more optimistic note, Giovanetti pointed out that about 50% of divorced individuals stated that they wouldn't cosign loans with their spouse if they were to remarry.
"A lot of them said that it depends on the person. So maybe not everyone is completely jaded by it and putting out hope for having a partner who can share those debts responsibly," she said.
LISTEN on the Audacy App
Tell your Smart Speaker to "PLAY 1080 KRLD"
Sign Up to receive our KRLD Insider Newsletter for more news
Follow us on Facebook | Twitter | Instagram | YouTube